Tink, a pioneering force in the open banking sector, has officially unveiled its latest innovation, ‘Risk Signals’.
This cutting-edge, rules-based risk engine is set to revolutionize instant payment experiences across Europe, effectively balancing speed and security.
Businesses have long faced a dilemma: offer instant services and bear the risks, or wait for payment settlements and potentially lose customers. Tink’s Risk Signals ingeniously resolves this by allowing transactions to be assessed swiftly, adding minimal friction to the user journey, thereby harmonizing rapid checkouts with reduced risk.
At its core, Tink is a trailblazer in open banking, reshaping financial interactions with its robust, innovative solutions. Risk Signals, a testament to Tink’s commitment to excellence, leverages account, balance, and transaction data to make precise risk assessments, significantly minimizing the risk of fraud. This process is seamlessly integrated into the payment checkout, enhancing the user experience without compromising security.
The essence of Risk Signals lies in its suite of risk checks, tailor-made per bank and market. These checks encompass real-time balance verifications, transaction history analyses, and velocity checks, ensuring a comprehensive risk assessment. Tink’s pan-European bank connectivity further fortifies the reliability and speed of this payment method, making it particularly beneficial in markets lacking real-time settlements.
Tink’s rollout of Risk Signals is set to commence in Europe, starting with Germany. Adyen, one of the world’s foremost Payment Service Providers (PSPs), is already leveraging this service. Remarkably, the implementation of Risk Signals is swift and hassle-free, requiring no extensive integration from the customer’s end.
Dirk Jan Meijers, Payment Partnerships Lead Europe at Adyen, remarked, “With Risk Signals, Tink is enhancing the open banking payment landscape, particularly in important markets like Germany. By leveraging the real-time risk analysis during payment processes, Adyen can offer a payment option that not only ensures security and reliability but also aligns perfectly with both merchants’ and shoppers’ expectations.”
Tom Pope, SVP of Payments and Platforms at Tink, further emphasized the product’s value, stating, “Risk Signals is an ideal fit for businesses looking to offer a secure and fast payment method especially in markets without real-time settlement – like Germany. With Tink’s Risk Signals, you no longer need to compromise between a fast checkout and reducing risk. Already in use by PSPs like Adyen, Risk Signals uses account, balance, and transaction data shared under valid consent by the payer to prevent fraud which simultaneously contributes to providing a brilliant experience for both merchants and consumers.”
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